Nifty Spot Closed with gains of 64 points or 0.61% at 10624 whereas Nifty Future closed at 10626 (Premium of 2 points)
Nifty Bank Closed with gains of 74 points or 0.29% at 25676 whereas Bank Nifty Future closed at 25720 (Premium of 44 points)
Nifty View
Before we discuss anything lets have look at Nifty (cash/spot) weekly chart first.
Nifty View
Before we discuss anything lets have look at Nifty (cash/spot) weekly chart first.
As per this chart we can see that Nifty is in upward channel but along with that Bullish pattern is in action (Flag and Pole) if we ignore textbook principles for this pattern. So now lets have look at expected road ahead via simple chart.
Last blue color candle move in this week for Nifty (expected) and as per this Bulls may face resistance at 10720-10730 zone. Further as per pattern upside resistance comes at 10646 levels. On downside if weekly close comes below 10500 level then some more downside can't be ruled out. Pattern target comes to 10836 which may come before January expiry.
64 points of our expectation of 100 points mentioned in our previous post are conquered.
Last blue color candle move in this week for Nifty (expected) and as per this Bulls may face resistance at 10720-10730 zone. Further as per pattern upside resistance comes at 10646 levels. On downside if weekly close comes below 10500 level then some more downside can't be ruled out. Pattern target comes to 10836 which may come before January expiry.
64 points of our expectation of 100 points mentioned in our previous post are conquered.
Nifty Bank View
In today's upmove of Nifty somehow Nifty Bank was not moving as per expectation which has been issue from past several days.
Any way lets have look at updated chart today. (Daily TimeFrame chart)
Still Nifty Bank is facing resistance at previous high. Today's high 25771 (Our expected resistance 25775)
View still remains intact for Resistance & Support levels.
Nifty Bank may face resistance at 25650-25775 levels.
In today's upmove of Nifty somehow Nifty Bank was not moving as per expectation which has been issue from past several days.
Any way lets have look at updated chart today. (Daily TimeFrame chart)
Still Nifty Bank is facing resistance at previous high. Today's high 25771 (Our expected resistance 25775)
View still remains intact for Resistance & Support levels.
Nifty Bank may face resistance at 25650-25775 levels.
On downside 25340-25220-25150 are support levels.
Option Chain Data.
Nifty
Highest CE Open Interest is about 4522k shares at 11000 (Additions of 185k shares) which may act as resistance. Now if we talk on PE front then Highest Open Interest is 6447k shares at 10400 PE which may act as support (huge additions of 361k shares) Further additions of 2550k shares in 10400 & 10500 PE (considered both)
Nifty Bank (Considering only monthly Option Chain)
Highest OI at 25000 PE (807k shares) which may act as strong support level (psychological)
On upside 26000 CE is having OI of 1518k shares shall act as stiff resistance.
Highest OI at 25000 PE (807k shares) which may act as strong support level (psychological)
On upside 26000 CE is having OI of 1518k shares shall act as stiff resistance.
Put Call Ratio Stands at 1.30 for Nifty whereas for Nifty Bank it is 0.95
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Please note this blog post is for education purpose only. While utmost care is taken while writing this post but any human error cant be ruled out and we apologize for same in advance.
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